Avalanche, a proof-of-stake blockchain, has raised $230 million in a sale of its native token $AVAX to institutional investors. The capital will be used to help bolster and boost DeFi activity on the platform, support new enterprise tools, as well as facilitate grants for projects wanting to build on Avalanche.
Polychain and Three Arrows Capital led the investment round alongside R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, and Lvna Capital. A group of unnamed angel investors and family offices were also involved in the sale according to a press release.
“This will go to fostering the growth of the DeFi ecosystem, NFTs, collectables, and also some new innovative systems that are coming out on top of this,” said Emin Gün Sirer, co-founder and CEO at Ava Labs, the technology firm responsible for the development of Avalanche.
Last month, Avalanche rolled out a $180 million liquidity mining incentive scheme to lure more DeFi developers to its growing ecosystem.
Source: https://www.cryptocompare.com/email-updates/daily/2021/sep/17/
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